Question: PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! Cedric Company recently traded in an older model of equipment for a new

PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU!

PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU!

Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $213,000 (original cost of $463,000 less $250,000 in accumulated depreciation) and its fair value of the old equipment is $200,000. Cedric pald $63,000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) Answer is complete but not entirely correct. No Transaction General Journal Credit Equipment - new Debit 200.000 X 250.000 78.000 X Accumulated depreciation Loss on exchange of assets Equipment - old Cash OOOOO 463.000 63.000

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